News & Analysis as of

Financial Regulatory Reform Regulatory Oversight Consumer Protection Laws

Dinsmore & Shohl LLP

Consumer Lending Compliance in Uncertain Times

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In recent months, virtually every regulated industry has witnessed announcements of significant regulatory changes, including the financial services sector....more

Holland & Knight LLP

U.S. House of Representatives Approves 70 Percent Cut to CFPB Funding

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The U.S. House of Representatives has passed an extensive budget reconciliation bill that would reduce the CFPB budget by 70 percent. In a 215-214 vote along party lines, the budget cut first approved by the House Committee...more

Cadwalader, Wickersham & Taft LLP

Rules in Motion, May 2025 - Another Update on the CFPB

Since our last report on what is happening with the Consumer Financial Protection Bureau (“CFPB”) during this administration, we have seen the Trump nominee for Director of the CFPB retracted from consideration in front of...more

Paul Hastings LLP

Support for Stablecoin Legislation and Leadership Confirmations

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While the House and Senate were out of session for the last two weeks, federal financial regulators and legislators took a wide range of actions impacting the future of digital asset policy. Senate Banking Chair Tim Scott...more

Orrick, Herrington & Sutcliffe LLP

Rep. Waters requests information on consumer protection compliance from financial organizations

On February 26, Rep. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter addressed to the presidents and chief executive officers of two financial industry trade organizations. The...more

Sheppard Mullin Richter & Hampton LLP

New CFPB Director Testifies on Agency Leadership and Enforcement Approach

On February 27, new CFPB Director Jonathan McKernan testified before the Senate Banking Committee, emphasizing his commitment to enforcing the law while operating within the confines of the law. His testimony focused on his...more

A&O Shearman

UK FCA update on personal investment firms and capital deduction for redress

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The UK Financial Conduct Authority (FCA) has updated its webpage on its consultation paper CP23/24: capital deduction for redress: personal investment firms. The consultation was issued in response to the FCA identifying...more

Cozen O'Connor

Democratic AGs File Amicus Brief Supporting CFPB Funding

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A group of 23 Democratic AGs filed an amicus brief supporting a motion for a preliminary injunction seeking to prevent the CFPB’s Acting Director from declining to draw additional funds on behalf of the agency....more

Orrick, Herrington & Sutcliffe LLP

Baltimore government files to challenge the CFPB’s funding decisions, Vought delays budget cuts

On February 12, a complaint was filed in the U.S. District Court for the District of Maryland against the CFPB and its Acting Director, Russell Vought. The plaintiffs — which include the Mayor and City Council of Baltimore,...more

Sheppard Mullin Richter & Hampton LLP

Treasury Secretary Scott Bessent Appointed as Acting CFPB Director

On January 31, 2025, the CFPB announced President Donal Trump had appointed Scott Bessent as Acting Director of the CFPB. In a brief statement, Bessent expressed his commitment to advancing the administration’s agenda to...more

A&O Shearman

New U.K. regulatory landscape: enforcement and supervision shift

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This article examines the latest trends in U.K. regulatory enforcement and supervisory action and highlights the key takeaways for firms in 2025 and beyond. Over the past 18 months, the Financial Conduct Authority (FCA)...more

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